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Amazon CEO Steps Down

Posted by MoneyController on 09.02.2021

Jeff Bezos, CEO of Amazon announced yesterday that he will step down from his long-held role later this year. Andy Jassy, top cloud executive will take over the position after Bezos transitions to Amazon’s Board as executive chairman. 

Bezos created Amazon, originally conceived as an online bookstore, in 1994. Now, it’s the world’s largest and most powerful online retailer. With Bezos on the lead, Amazon surpassed a $1 trillion market cap and it is currently worth more than $1.6 trillion. The news of Bezos’s departure came alongside an earnings report stating that Amazon posted its first $100 billion quarter. Brian Olsavsky, Chief financial officer of Amazon, said that the change was consulted and approved with Amazon’s board of directors and that Bezos would still have a a lot of influence in most parts of the company.

Meet Andy Jassy

Jassy joined Amazon in 1997 and has been leading Amazon’s Web Services (AWS), as well as the cloud team since its creation. AWS is one of the major forces behind Amazon’s profit. In fact, around 52% of Amazon’s income was attributed to AWS as of October 2020. Jassy will transition to the role of CEO in 2021 Q3, according to a letter penned by Bezos to employees. In the letter, Bezos also stated that Jassy had his full confidence and that he would be an outstanding leader.

What’s ahead for Jassy?

Jassy is considered a visionary leader at Amazon and is to said to be fully ready to take the company’s reins. But Jassy has a lot of challenges ahead. He’s first got to meet antitrust concerns, in both the US and EU, head on. What’s more,staff in Alabama are pushing to create the company’s first unionized warehouse in the US. Employees in Amazon’s Seattle headquarters are demanding the company address racial justice and climate change issues.

Amazon’s share price seems unaffected by the news and continues to rise, as markets appear reassured that Jassy will essentially continue on with Bezos’s ideas and push digital platforms even further. Additionally, the Amazon Prime Air project, which uses drones to carry out deliveries, recently got FAA approval in the US. Amazon intends to keep tup he momentum. 

 

 

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